SMM #1 Refined Nickel Prices Drop 1,800 Yuan/mt, Spot Premiums Stable for Jinchuan Brands

Following the U.S. administration’s expansion of sanctions against Cuba, Sherritt International has announced the immediate suspension of its direct participation in Cuban joint venture activities and the repatriation of its expatriate staff. While refining operations at the Fort Saskatchewan facility in Canada currently remain active using existing inventory, the corporation warned that feedstock supplies are only expected to last until mid-June. Furthermore, the resignation of three board members and potential withdrawal of support from financial providers highlight severe operational and liquidity risks that could disrupt global nickel and cobalt supply chains in the near term.

According to SMM data, on May 8, the FOB price of Indonesian MHP nickel fell by $102/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt rose by $29/mt Co. The FOB price of Indonesian high-grade nickel matte fell by $66/mt Ni from the previous day.

As of now, the FOB price of Indonesian MHP nickel was $17,629/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,992/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 89.5-91, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte was $17,655/mt Ni.